AT&T reported fourth-quarter revenue of approximately $33.5 billion, surpassing the consensus estimate of $32.7 billion. The company delivered adjusted EPS of $0.52, above the Zacks consensus of $0.46 and up from $0.43 in the year-ago quarter. Operating income reached $5.8 billion, while adjusted operating income was $6.1 billion. Net cash from operating activities totaled $11.3 billion, and free cash flow was $4.2 billion, modestly above the prior year's $4.0 billion. Capital expenditures amounted to $6.8 billion for the period.

In the quarter, AT&T added 421,000 net postpaid phone subscribers, reducing postpaid churn to 0.98%. On the broadband side, fiber net additions totaled 283,000 and wireless-powered Internet Air gained 221,000 customers—more than half a million combined advanced home Internet adds for the second straight quarter. Consumer wireline fiber revenues rose 13.6% year-over-year to $2.2 billion. The convergence rate—households choosing both fiber and wireless—hit 42%, contributing to industry-leading customer satisfaction in markets offering both services.

For full-year 2025, AT&T delivered revenues of $125.6 billion, up from the prior year, and adjusted EPS of $2.12 versus $1.95 in 2024. Mobility service revenues grew 3.1% to $67.4 billion, while fiber revenues increased 17.0% to $8.6 billion. The company achieved more than 1.5 million postpaid phone net adds for the fifth consecutive year and over 1 million fiber net adds for the eighth straight year. AT&T returned over $12 billion to shareholders through dividends and buybacks in 2025 and expects to deploy an additional $45 billion-plus from 2026 through 2028.

AT&T forecasts service revenue growth in the low single-digit range annually through 2028 and adjusted EBITDA growth of 3–4% in 2026, accelerating to 5% or more by 2028. Capital investment is projected at $23–24 billion per year, supporting 5G and fiber expansion, including the planned Lumen fiber acquisition and spectrum purchases. The company targets free cash flow exceeding $18 billion in 2026, rising to more than $21 billion by 2028, and anticipates adjusted EPS of $2.25–2.35 in 2026 with double-digit CAGR through 2028.